Most banks support prepayment to shorten service life, but there are several options, one is to keep the monthly payment unchanged to shorten service life, the other is to increase the monthly payment to shorten service life, and the other is to reduce the monthly payment to shorten service life. Different options determine the repayment pressure and later interest expenses.

A fixed monthly payment will shorten the service life. This method will not increase the lender's current repayment pressure, because a part of the principal is repaid in advance, and the actual interest expenditure will definitely be less, which is suitable for lenders with stable jobs and certain deposits.

The increase of monthly payment shortens the service life, that is, the lender shortens the actual repayment life and increases the monthly payment, so that the loan repayment time can be advanced, because the time occupied by funds is less, the interest expense will definitely be reduced, but it is not suitable for everyone. After all, the monthly payment has increased the repayment pressure.

Reduce the monthly payment and shorten the repayment cycle. Although the lender shortens the repayment period, it may increase the pressure of subsequent repayment, so it can apply for reducing the monthly payment. However, if the monthly payment is less, the repayment period will be extended to some extent, but it will be shorter than the original period.

It should be noted that no matter which of the above methods is chosen to repay the loan in advance and shorten the service life, it is necessary to re-sign the loan contract with the bank and meet the requirements of the bank. Most banks have to pay back more than 1 year before they can repay the loan in advance. Each bank may have different requirements. It is best to consult the loan bank before repaying the loan in advance.